El documento analiza la regulación y difusión de los fondos de cobertura (hedge funds) entre Estados Unidos y Europa. Existe una discrepancia entre la política monetaria armonizada a nivel europeo y la heterogénea política financiera de cada país. Además, en EE.UU. falta regulación en un mercado homogéneo, con una tendencia a adoptar el modelo europeo.
5. ¿Porque hay diferencias de Regulaci ón? EE.UU Mercado orientado a la Bolsa FED: objetivo SEC EUROPA Mercado orientado (principalmente) a la intermediaci ón crediticia y financiera BCE: objetivo
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14. Cuadro1. PRINCIPAL REFERENCIAS NORMATIVAS EN EUROPA 1. Investmentgesetz (Investment Act) of 1 January 2004; 2. Investmentsteuergesetz (Investment Tax Act) of 1 January 2004. Germany 1.Financial Security Law of 1 August 2003: • Art. L.214-35 and L.214-35-1 of financial and monetary code for funds with simplified investment rules (OPCVM à règles d’investissement allegées or “RIA”), • Art. L.214-35-2 to L.214-35-6 of financial and monetary code for contractual SICAV or funds (OPCVM contractuels); 2. Decree n° 89-623 of 6 September 1989 modified by Decree n° 2003-1103 of 21 November 2003 (Art. 14 to 14-6) for funds with lightened investment rules and fund of hedge fund (OPCVM de fonds alternatifs); 3. Commission des Opérations de Bourse position of 3 April 2003; 4. Autorité des Marchés Financiers general regulation (November 2004); 5. Decree n° 89-623 of 6 September 1989 Francia
15. 1. General legislative framework: Law of 20 December 2002 on undertakings for collective investment; 2. Specific regulation: • IML Circular 91/75 of 21 January 1991, • CSSF Circular 02/80 of 5 December 2002. Luxembourg 1. Treasury Ministry Decree n° 228 of 24 May 1999; 2. Bank of Italy regulation of 14 April 2005. Italy 1. Unit Trusts Act 1990; 2. Part XIII Companies Act 1990; 3. Investment Limited Partnership Act 1994; 4. Irish Financial Services Regulatory Authority Non-UCITS Notices: NU Notice 1, 12, 13, 16, 19, 20, 21, 24, 25;5; 5. Irish Financial Services Regulatory Authority Guidance Notes: 1/97, 1/01, Draft -/04 Ireland
16. Fuente: European Fund and Asset Management Association (EFAMA) ,Working Paper, Nov 2005 Investment Funds Act 1994 with Ordinances. Switzerland 1. Swedish Investment Funds Act (2004:46); 2. Finansinspektionen’s regulatory code (FFFS) 2004:2 Föreskrifter om Investeringsfonder (regulates Swedish registered FMC and harmonised/non-harmonised funds incl. hedge funds); 3. Finansinspektionen’s regulatory code (FFFA) 2004:3 Föreskrifter om utländska förvaltningsbolag och fondföretags verksamhet i Sverige (regulates foreign FMC and investment funds incl. hedge funds Sweden 1. Law 35/2003 of 4 November 2003; 2. Final draft decree that will develop Law 35/2003, sent to State Council in July 2005. Final version to be published in March 2007 (R.D.362/2007). Spain
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18. Cuadro2. Normas de suscripci ón europeas Fuente: European Fund and Asset Management Association (EFAMA) ,Working Paper, Nov 2005 For PIF: 125,000 per investor For QIF 250,000 per investor IRLANDIA no minimum subscription SUECIA Final draft decree establishes a minimum investment of 50,000 ESPAÑA no minimum subscription LUXEMBURGO The minimum initial subscription may not be less than 500,000.The SHF may not have more than 200 investors. ITALIA no minimum subscription ALEMANIA • 250,000 for any investor; • 30,000 for individuals/natural persons provided that (i) certify to have a minimum net worth of 1,000,000; (ii) have a position in the financial sector for one year (at least), • no minimum subscription amount is required for : qualified investors that follow these criteria: (i) a balance sheet in excess of 20,000,000; (ii) a turnover in excess of 40,000,000 and/or a stockholder’s equity in excess of 2,000,000. FRANCIA
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